How Much Is Liability Insurance For Renting a Venue Hourly? 

General liability insurance will cover the cost of lawsuits, attorney fees, compensatory payments, and other legal costs associated with a liability claim. This type of insurance is available as a stand-alone policy or as part of workers’ compensation insurance. Regardless of which type you choose, it’s important to understand the details of your policy before you sign on the dotted line. 

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General liability insurance 

Whether you rent a venue hourly or for a single event, obtaining general liability insurance is a good idea for your business. Without proper insurance coverage, you run the risk of losing your event venue and losing your money. Not only will a lawsuit cost you money, but you could also face a massive repair bill for damages. One case involved $10,000 in damage to hardwood floors. Thankfully, there are ways to avoid this, and Wister can help. 

You should consider purchasing insurance to protect your building, and you should also consider buying coverage for your employees. This is especially important if you rent out space for weddings. The policies will protect you from the cost of lawsuits when a client files a claim against you for a covered event. This type of coverage can protect your business from many different threats, including lawsuits from customers, vendors, and even competitors. 

Physical damage coverage 

A comprehensive insurance policy will protect your event center against the financial and legal implications of a covered event. Depending on the location, event centers will have different needs and requirements than standard venues. Some event centers may include yoga classes, watersports, and guide services, while others might only serve alcohol and food. Wister’s team of insurance experts wants to make sure that your plan matches the specifics of your business. 

This policy covers the cost of replacing or repairing damaged equipment. There are two types of physical damage coverage. Comprehensive covers damage caused by covered perils, while collision covers damage caused by vehicular accidents. Comprehensive does not cover damages caused by rollovers or aftermarket parts. If a car is destroyed during an accident, collision coverage can help you recover the cost of replacing it. 

Event cancellation insurance 

What is event cancellation insurance? This type of insurance reimburses the cost of a special event if it is canceled or postponed for any reason. It may also cover nonrefundable deposits and lost profits. These policies can cover any number of expenses, from property damage to liability. They can start at $130 per event and range up to two million dollars. When should you purchase this type of insurance? 

In general, it costs about 90 cents per $100 of insured exposure. However, the cost can vary greatly, and varies depending on several factors. The type of event, the size of the event, and its duration all affect the cost. Typically, larger events cost more, since the potential for financial loss increases. It is important to check the fine print on the policy to make sure you understand what is covered and what is not.